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Trade/Investment
Korea's exports achieve 21.3% growth in May
The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s May exports increased 21.3 percent to USD 61.5 billion. Imports expanded 32.0 percent to $63.2 billion, resulting in a trade deficit of $1.7 billion. Despite high interest rates, high prices and continued global supply chain instabilities, exports achieved positive growth for 19 months running, which is the third longest period of consecutive growth since 2000. Monthly exports recorded second in value to month of date2022-06-02
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Trade/Investment
Minister Lee visits KITA and Global Supply Chain Analysis Center
Trade, Industry and Energy Minister Lee Chang-yang visited the Korea International Trade Association (KITA) and the Global Supply Chain Analysis Center located in Seoul on May 27 to receive a briefing on the recent supply chain and logistics concerns, and to discuss current global supply chain impact and future government trade policy directions. At the Global Supply Chain Analysis Center, Minister Lee encouraged the site employees and had talks with KITA Chairman Koo Ja-yeol, during wh date2022-05-31
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Trade/Investment
Trade Minister holds 1st Commerce Industry Forum
Trade Minister Ahn Duk-geun held the 1st Commerce Industry Forum on May 26 at the Lotte Hotel Seoul to share the major outcomes of the recent Korea-U.S. summit with industry representatives and discuss new trade policy directions in line with the changing global trade landscape as well as public-private cooperation measures with respect to Korea’s participation in the Indo-Pacific Economic Framework (IPEF). The event was attended by Korea International Trade Association (KITA) V date2022-05-31
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Industry
1st Vice Minister holds Bio Companies Investment Conference
Trade, Industry and Energy 1st Vice Minister Jang Young-jin presided the Bio Companies Investment Conference held in Incheon on May 26 to outline the new regime’s policy aspirations for the domestic bio industry and listened to companies’ investment plans and current challenges. In his opening remarks, the Vice Minister noted how Korea has become one of the global top two biomedicine producers in a very short period of time, and also anticipating its first homegrown COVID-19 date2022-05-31
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Trade/Investment
Korea's retail industry achieves 10.6% growth in April
The Ministry of Trade, Industry and Energy announced on May 30 that Korea’s retail industry saw a 10.6 percent gain in sales in April compared to the same period last year. Both offline and online retailers saw growth, up 10.2 percent and 11.0 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and date2022-05-30
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Energy
Energy Vice Minister attends GHIAA launching ceremony
Trade, Industry and Energy 2nd Vice Minister Park Il-Joon attended the 2022 Global Hydrogen Industrial Association Alliance (GHIAA) Forum held at the Four Seasons Hotel Seoul on May 25 for countries to share their hydrogen industry status and trends. The forum was held both online and in-person for 18 countries to convene for the official launching of GHIAA, where the Vice Minister introduced Korea’s hydrogen economy policy directions in his congratulatory remarks and underscore date2022-05-30
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Energy
Energy Vice Minister attends 2022 GHIAA Forum
Trade, Industry and Energy 2nd Vice Minister Park Il-Jun attended the 2022 Global Hydrogen Industrial Association Alliance (GHIAA) Forum held at the Four Seasons Hotel Seoul on May 25 for countries to share their hydrogen industry status and trends. The GHIAA is a South Korea-led association that aims to promote hydrogen industry private sector cooperation, comprising 18 member states, including the U.S., UK and China. Vice Minister Park delivered a congratulatory message and participat date2022-05-27
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Energy
Korea hosts 28th World Gas Conference
Trade, Industry and Energy Minister Lee Chang-yang attended the 28th World Gas Conference (WGC) held in Daegu, Korea, on May 24. The four-day conference is the global gas industry’s largest international event and is convened every three years by the International Gas Union (IGU). IGU member states’ gas trade takes up 95% of the world’s total gas volume. Over 20,000 people from approximately 80 countries are estimated to attend. A total of 370 companies will be gathering, incl date2022-05-27
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Industry
Minister Lee visits auto parts manufacturer
Trade, Industry and Energy Minister Lee Chang-yang visited combustion engine vehicle parts manufacturer Guyoung Tech located in Daegu on May 24 to promote the importance of successful future car transition for Korea’s economic growth and vitality. Minister Lee received a briefing on some of the challenges obstructing the auto parts maker’s path to future car transition, then toured its engine and transmission production facilities under the guide of CEO Lee Hee-hwa and encou date2022-05-27
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Trade/Investment
MOTIE attends 28th APEC MRT Meeting
Trade, Industry and Energy Ministry (MOTIE)’s Deputy Minister for International Trade and Legal Affairs Ahn Sung-il attended the 28th Asia-Pacific Economic Cooperation (APEC) MRT (Ministers Responsible for Trade) meeting on May 21-22 held in Bangkok, Thailand to discuss supply chain, digital, and environment issues for an inclusive and sustainable future. In his opening remarks, Deputy Minister Ahn proposed measures on supply chain stabilization, climate change response, digital date2022-05-27